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-228- <br /> <br />Temporary and permanent erosion control <br />Irrigation metering and backflow devices shall be approved as part of the Utility <br />Plan, and installed acc~)rdingly. .. <br />Irrigation rain sensors shall be installed and appropriately placed throughout the <br />development. <br />Establishment of turf in areas disturbed during construction and in accordance <br />with the Plat. <br /> <br />("Stage I Improvements") <br /> <br /> RAMSEY TOWN CENTER, LLC agrees to construct the Stage I Improvements <br />according to the terms and conditions of this Contract and in accordance with plans submitted to <br />the CITY. Said plans shall be in conformance with the Final Plat and Final Engineering Plans <br />dated December 21, 2005. All of the plans are subject to revisions per City Staff Review Letter <br />dated January 3, 2006. The final construction plan for the Stage I Improvements shall be <br />submitted to the CITY Engineer for review and approval prior to commencement of <br />construction. <br /> <br /> RAMSEY. TOWN CENTER, LLC shall be responsible for completing the rough <br />grading and providing lot comer stakes prior to the installation of underground utilities. <br /> <br /> 6. Sta~e I Improvement Financial Guarantee. RAMSEY TOWN CENTER, LLC <br />shall provide a f'mancial guarantee to the CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. RAMSEY TOWN CENTER, LLC, shall be <br />responsible for a financial guarantee in the amount of One Hundred Eighty Nine Thousand Six <br />Hundred Dollars and no cents ($319,600.00), which amount is 125% of the CITY Engineer's <br />estimated cost of the Stage I Improvements. The financial guarantee shall be deposited with the <br />CITY at the time of execution of this Contract. Upon completion of Stage I Improvements <br />(including the removal of "temporary" erosion control measures as identified in the approved <br />Grading Plan), acceptance by the CITY, supported by appropriate lien waivers, RAMSEY <br />TOWN CENTER, LLC may request a reduction in the amount of the financial guarantee, but <br />only if the maintenance guarantee required by Paragraph 8 below has been deposited. <br /> <br /> 7. Inspection Fees. RAMSEY TOWN CENTER, LLC shall be responsible for all <br />inspection costs incurred by .the CITY related to the installation of Stage I Improvements. <br />RAMSEY TOWN CENTER, LLC shall make a cash deposit into the appropriate escrow <br />account at the CITY and the CITY shall have the authority to draw upon these funds for the <br />purpose of compensating for inspection services. The amount of the deposit shall be equal to <br />five percent (5%) of the estimated cost of the Stage I Improvements. RAMSEY TOWN <br />CENTER, LLC, shall be responsible for a cash deposit in the amount of Seven Thousand Five <br />Hundred Fifty Dollars and no cents ($7,550.00). Upon completion of the Improvements to the <br />satisfaction of the CITY, any surplus balance remaining in the CITY's escrow account shall be <br />refunded to RAMSEY TOWN CENTER, LLC. <br /> <br /> 8. Sta~e I Improvement Maintenance Financial Guarantee. In addition to the financial <br />guarantee required by Paragraph 6 above, ILadVISEY TOWN CENTER, LLC shall also post a <br /> <br />Ramsey Town Center 12th Addition <br />Development Contract <br /> Page 3 of 13 Pages <br /> <br /> <br />